VANCOUVER, BRITISH COLUMBIA is pleased to report previously
unreleased drill results for all outstanding holes from 2007 and
additional results from the first quarter of 2008.
The current status of the Company's exploration programs is as
follows;
- The Company's projects saw 315,374 m of drilling in total in
2007, predominately at the Choco 10, Increible 6 and SREP deposits,
which have now all been compiled.
- 2007 drilling at the SREP deposits will be included in an
updated 43-101 resource estimation due in Q2 2008.
- A significant exploration program for 2008 (up to 300,000m) is
ongoing and is focused on the Choco 10, Increible 6, SREP and Valle
Hondo projects to follow up on the excellent results received from
2007.
- Significant gold discoveries made at the Valle Hondo,
Increible 14 and Yuruan projects.
- A snapshot of highlights of 2007/Q1 2008 results for all
projects which have not been previously released include:
---------------------------------------------------------------------------
Drill Hole Type Project Zone Au g/t m from to
---------------------------------------------------------------------------
CH07-1083 ddh Choco Coacia 14.10 17.0 94.0 111.0
CH07-945 ddh Choco VBK 10.78 9.5 238.5 248.0
IRS-189 RC Inc6 Culebra 9.34 37.0 31.0 68.0
IRS-273 RC Inc6 Culebra 8.44 21.0 65.0 86.0
IRS-225 RC Inc6 Elisa 5.20 55.0 72.0 127.0
IC-07-400 ddh Inc6 Elisa 3.49 78.0 448.0 526.0
ED-07-666 ddh SREP E3 71.25 3.0 541.0 544.0
ED-07-655 ddh SREP E3 59.80 3.0 405.0 408.0
ED-07-555 ddh SREP D 48.84 4.0 318.0 322.0
RVH89-08-36 RC Valle Hondo Arenales 30.74 5.0 67.0 72.0
14-08-09 ddh Inc14 Mathew 10.21 5.0 26.0 31.0
DY-07-32 ddh Yuruan MariaPara 10.55 4.0 59.0 63.0
---------------------------------------------------------------------------
The Q1 2008 drilling programs focused on the Choco 10, Increible
6, SREP, Valle Hondo, Increible 14 and Yuruan Projects. 18,167m
were completed at the Choco Project while drilling on the other
Projects totalled 46,252m.
CHOCO
During 2007 and Q1 2008, drilling on the Choco 10 Mine Project
in the El Callao District was distributed in five general areas;
resource and reserve drilling at or near the Choco Mine, grade
control drilling at the Choco Mine, exploration drilling of
regional targets, condemnation drilling for waste dumps and tailing
facilities, and geotechnical drilling required for a bankable
feasibility study.
Highlights of the mineralized intercepts include;
---------------------------------------------------------------------------
Drill Hole Type Zone Au g/t m from to
---------------------------------------------------------------------------
CH07-1083 ddh Coacia 14.10 17.0 94.0 111.0
CH07-945 ddh VBK 10.78 9.5 238.5 248.0
CH07-833 ddh Rosika 5.75 15.5 125.0 140.5
CH07-1083 ddh Coacia 7.89 10.7 83.3 94.0
CH07-861 ddh VBK 6.45 11.8 546.5 558.3
CH07-1083 ddh Coacia 6.60 8.3 115.8 124.1
CH07-1030 RC Pisolita 6.56 8.0 85.0 93.0
CH07-833 ddh Rosika 8.78 5.3 112.0 117.3
CH07-861 ddh VBK 3.71 9.7 570.0 579.6
CH07-922 ddh VBK 6.43 4.9 303.3 308.2
CH07-945 ddh VBK 2.87 10.6 576.8 587.4
CH07-945 ddh VBK 12.96 2.0 204.0 206.0
CH07-945 ddh VBK 3.70 6.0 283.9 289.9
CH07-1031 RC Pisolita 6.60 3.0 51.0 54.0
CH07-945 ddh VBK 4.21 4.5 563.2 567.7
CH07-1127 RC Rosika 1.88 10.0 58.0 68.0
CH07-1033 RC Pisolita 6.24 3.0 22.0 25.0
CH07-1039 RC Pisolita 8.57 2.0 44.0 46.0
---------------------------------------------------------------------------
NOTES:
1) All thicknesses are core widths / true widths estimated at 80-90%.
2) All weighted averages calculated using uncut assays.
The current 43-101 compliant Au ounces at Choco are 1.66 Moz Au
proven and probable reserves (15.4 Mt grading 3.4 g/t), 4.45M oz Au
M&I (56.1M t @ 2.46 g/t)) and 2.87M oz Au (40.8M t @ 2.20 g/t)
inferred.
A series of updated resource estimates will be completed during
2008 on a deposit by deposit basis which includes several near mine
gold zones. Two main goals exist for this resource and reserve
process;
a) resource and reserve conversion at Choco to support oxide
strategy for 2-3 years
b) resource and reserve conversion to support expanded
production capacity (3-4 yrs out) and Bankable Feasibility Study
(BFS)
INCREIBLE 6
Drilling continued to test all of the principal zones on the
Increible 6 Gold Project during the recently completed Phase II
program (to December 2007) which totalled approximately 112,000
metres with an additional 19,909 metres in Q1 2008. An update to
the initial 43-101 compliant resource estimate (July 2006) was
completed in September of 2007 by independent consultants Micon
International Ltd. Highlights for results received after the
drilling cut off for the Sept. 2007 resource estimate include;
---------------------------------------------------------------------------
Drill Hole type Zone Au g/t m from to
---------------------------------------------------------------------------
IRS-189 RC Culebra 9.34 37.0 31 68
IRS-225 RC Elisa 5.20 55.0 72 127
IC-07-400 ddh Elisa 3.49 78.0 448 526
IRS-226 RC Elisa 9.68 22.0 106 128
IC-07-425 ddh Elisa 6.99 29.0 536 565
IC-07-460 Ddh Elisa 3.09 62.0 460 522
IRS-273 RC Culebra 8.44 21.0 65 86
IRS-221 RC Elisa 7.93 20.0 68 88
IC-07-447 ddh Elisa 4.01 39.0 374 413
IRS-212 RC Culebra 2.67 57.0 19 76
IC-07-372 ddh Elisa 1.49 96.0 434 530
IRS-223 RC Elisa 5.90 23.0 85 108
IRS-286 RC Culebra 1.77 68.0 40 108
IRS-278 RC Culebra 3.27 36.0 83 119
IC-07-380 ddh Elisa 3.64 32.0 410 442
IC-07-425 ddh Elisa 3.06 38.0 482 520
IC-07-428 ddh Elisa 5.26 19.0 432 451
IC-07-425 ddh Elisa 2.77 34.0 370 404
IRS-275 RC Culebra 2.94 31.0 86 117
IRS-280 RC Culebra 2.98 30.0 78 108
IC-07-372 ddh Elisa 2.45 35.3 485.7 521
IRS-267 RC Culebra 2.10 41.0 155 196
IC-07-466 ddh Elisa 6.70 12.0 481 493
IRS-280 RC Culebra 6.17 13.0 49 62
IC-07-428 ddh Elisa 3.75 21.0 307 328
IC-07-428 ddh Elisa 3.22 24.0 388 412
IRS-214 RC Culebra 1.46 51.0 84 135
---------------------------------------------------------------------------
NOTES:
1) All thicknesses are core widths / true widths estimated at 80-90%.
2) All weighted averages calculated using uncut assays.
The 43-101 compliant resources at Increible 6 are 1.59M oz Au
indicated (23.45Mt @ 2.11 g/t) and inferred 1.10M oz Au (17.53Mt @
1.95 g/t). Rusoro has completed an additional 80,000 metres since
the Sept. '07 report which will be included in an updated resource
estimate which is expected to be completed in Q3 2008.
The updated resource estimates will be incorporated into;
a) the oxide (near-term production) strategy at Choco 10
Mine.
b) providing additional support for the feasibility study at
Choco 10.
Initial reserve estimates will be completed in 2008 by PMG staff
and the oxide portion of Increible 6 included into the Choco Mine
Oxide Strategy for near term exploitation.
SREP (San Rafael/El Placer)
Drilling at the SREP deposits during 2007 (phase III) totalled
82,612.9 metres. The drilling was directed at expanding the current
resource and upgrading Inferred to Measured and Indicated.
Principal targets included open ended portions existing ore bodies
both down dip and along strike, as well as several additional
anomalies and newly identified zones.
Drilling along the main SREP trend in 2007 was not only
successful in expanding several of the known ore bodies, but also
resulted in the discovery of additional mineralized zones most
notably ZonaX, (which was first encountered in a technical drill
holes completed for the Alvarez Ramp), the southern Trend and the
eastern portion of the Camorra trend. Highlights include;
-----------------------------------------------------------------
Drill Hole Type Au g/t width (m) From To
-----------------------------------------------------------------
ED-06-541 ddh 23.89 1.0 158.0 159.0
ED-06-544 ddh 12.37 3.0 165.0 168.0
ED-07-550 ddh 11.44 3.0 340.0 343.0
ED-07-552 ddh 12.40 2.0 364.4 366.4
ED-07-555 ddh 48.84 4.0 318.0 322.0
ED-07-651 ddh 51.93 2.0 295.0 297.0
ED-07-651 ddh 47.24 2.0 312.0 314.0
ED-07-653 ddh 12.34 1.0 348.0 349.0
ED-07-655 ddh 59.80 3.0 405.0 408.0
ED-07-660 ddh 12.41 3.0 191.0 194.0
ED-07-660 ddh 9.73 3.0 264.0 267.0
ED-07-663 ddh 6.23 4.0 370.0 374.0
ED-07-665 ddh 39.23 2.0 77.0 79.0
ED-07-666 ddh 71.25 3.0 541.0 544.0
ED-07-669 ddh 16.23 2.0 291.0 293.0
ED-07-670 ddh 12.33 3.0 312.0 315.0
-----------------------------------------------------------------
NOTES:
1) All thicknesses are core widths / true widths estimated at 80-90%.
2) All weighted averages calculated using uncut assays.
An updated 43-101 resource estimation is currently being
compiled for the SREP and surrounding deposits by Micon
International Ltd. and is expected to be completed in Q2 2008.
VALLE HONDO
Drilling on the Valle Hondo Project in 2007 totalled 2461 metres
in 16 drills holes all completed on the Arenales Anomaly. An
additional 4019 metres in 25 drill holes was completed in Q1 2008.
No previous drilling had been performed at Arenales and the
drilling was highly successful in intersecting numerous high grade
gold mineralized structures. Highlights include;
-----------------------------------------------------------------
HOLE-ID Type Au g/t m from to
-----------------------------------------------------------------
RVH89-08-36 RC 30.739 5.0 67.0 72.0
RVH-89-07-18 RC 27.965 2.0 32.0 34.0
RVH89-08-24 RC 11.441 4.0 116.0 120.0
RVH89-08-29 RC 5.014 5.0 79.0 84.0
RVH89-08-38 RC 3.395 5.0 101.0 106.0
RVH89-08-34 RC 15.000 1.0 28.0 29.0
RVH-89-07-07 RC 3.639 4.0 50.0 54.0
RVH-89-07-17 RC 14.190 1.0 122.0 123.0
RVH-89-07-16 RC 1.668 5.0 161.0 166.0
RVH89-08-25 RC 2.677 3.0 21.0 24.0
RVH-89-07-11 RC 1.870 4.0 112.0 116.0
-----------------------------------------------------------------
NOTES:
1) All thicknesses are core widths / true widths estimated at 80-90%.
2) All weighted averages calculated using uncut assays.
This wide spaced first pass RC drilling is being followed up
with additional drilling in 2008. Previous drilling (13,000m in 114
diamond drill holes) was completed on the Apanao Deposit, located
eight kilometres east of Arenales. The current 43-101 resource
estimation for the Apanao Deposit currently stands at 103,000oz Au
(3.5Mt @ 0.92g/t) indicated and 1.34 Moz Au (47Mt @ 0.89g/t).
Additional drilling is scheduled for Apanao Deposit when road
access and camp upgrades are completed. The overall objective
continues to be the expansion and upgrading the Apanao gold
resource and the definition of additional resources (primary target
at Arenales) from within the Project. A scoping study designed to
model the development alternatives at the Valle Hondo Project is
scheduled to commence in Q4 2008.
INCREIBLE 14
The Increible 14 Project is located 15 kilometres northwest of
the Choco Mine. A total of 1191 metres of diamond drilling was
completed on the Increible 14 Project during 2007 with an
additional 2360 metres in Q1 2008. Initial results include;
-----------------------------------------------------------------
DDH Type Au g/t m from to
-----------------------------------------------------------------
14-08-07 ddh 1.80 3.0 0.0 3.0
14-08-09 ddh 10.21 5.0 26.0 31.0
14-08-11 ddh 1.27 3.0 58.0 61.0
14-08-12 ddh 0.52 7.0 0.0 7.0
-----------------------------------------------------------------
NOTES:
1) All thicknesses are core widths / true widths estimated at 80-90%.
2) All weighted averages calculated using uncut assays.
This work tested three targets and additional results are
pending. Further drilling is on-going following up on the 2007
results and testing additional anomalies.
YURUAN
Drilling in 2007 on the Yuruan Project included 11 diamond drill
holes totalling 2074 metres with an additional 8858 metres
completed in Q1 2008. Two targets were drilled with nine holes
testing the centrally located Maria Para Zone and two holes testing
the southern MP3 Zone. The objective of the drilling program at the
Yuruan Project is to evaluate possibility of outlining additional
gold resources for the Emilia Mill and/or the possibility of a
"stand alone" project. Highlights include;
-----------------------------------------------------------------
Drill Hole Type Au g/t m from to
-----------------------------------------------------------------
DY-07-32 ddh 10.55 4.0 59.0 63.0
DY-08-45 ddh 16.88 2.1 31.5 33.6
DY-07-39 ddh 11.39 3.0 74.0 77.0
DY-07-14 ddh 4.00 7.3 48.0 55.3
DY-07-39 ddh 2.25 10.0 77.0 87.0
DY-07-26 ddh 21.64 1.0 103.0 104.0
DY-07-25 ddh 6.28 2.2 46.7 48.9
DY-07-23 ddh 10.33 1.2 31.5 32.7
DY-07-27 ddh 5.25 2.4 133.0 135.4
DY-07-19 ddh 3.30 3.3 154.7 158.0
DY-08-41 ddh 2.29 4.2 75.0 79.2
DY-07-32 ddh 2.42 3.7 18.1 21.8
DY-07-29 ddh 1.53 5.0 143.0 148.0
DY-07-20 ddh 7.01 1.0 189.0 190.0
DY-07-18 ddh 12.65 0.5 7.0 7.5
DY-07-33 ddh 5.82 1.0 68.5 69.5
DY-07-17 ddh 6.46 0.8 6.0 6.8
-----------------------------------------------------------------
NOTES:
1) All thicknesses are core widths / true widths estimated at 80-90%.
2) All weighted averages calculated using uncut assays.
Rusoro is very pleased with the progress being made at the
Company's exploration projects. Exploration and drilling objectives
for the 2008 programs will continue to be designed around the
expansion and definition of gold resources, specifically focused on
creating development options for expanding (or extending the mine
life) of the existing operations while generating additional
economic gold deposits for future mine development. The Company's
exploration programs continue to prove the world class geology of
Venezuela for the discovery of gold.
Diamond drilling was conducted by Perforaciones Mayortec (Major
Drilling), Technodrilling and Core Biel Drilling of Puerto Ordaz,
Venezuela. RC drilling was completed by AK Drilling of Peru. All
drilling and drill sampling have been completed using industry
standard practices. All drill core is described in detail and
photographed and one half of the core remains for inspection and
reference.
Sample analyses have been conducted at Acme Analytical, Actlabs,
SGS labs and Triad Labs located in Guasipati, Tumeremo, El Dorado
and El Callao, Bolivar State Venezuela. All sample analyses were
completed using industry standard practices and standard samples,
blanks and duplicate check samples were randomly inserted into the
sample stream to ensure quality control. A review of the QA/QC
results shows no significant bias and all results are considered
highly reliable. Sample rejects for all drill samples are stored in
Rusoro's secure facilities in Tumeremo, Venezuela, and will
continue to be available for any further testing which may be
required. All QA/QC is completed under the direction of G.F. Smith,
P.Geo.
Qualified Person: Mr. Gregory Smith, P.Geo, the Vice-President
Exploration of the Company, is the Qualified Person as defined by
National Instrument 43-101, and is responsible for the accuracy of
the technical information in this news release.
ON BEHALF OF THE BOARD
George Salamis, President
Forward-looking statements: This document contains statements
about expected or anticipated future events and financial results
that are forward-looking in nature and as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, the regulatory process and actions,
technical issues, new legislation, competitive and general economic
factors and conditions, the uncertainties resulting from potential
delays or changes in plans, the occurrence of unexpected events,
and the Company's capability to execute and implement its future
plans. Actual results may differ materially from those projected by
management. For such statements, we claim the safe harbour for
forward-looking statements within the meaning of the Private
Securities Legislation Reform Act of 1995.
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release.
Contacts: Rusoro Mining Limited George Salamis President (604)
632-4044 or Toll Free: 1-800-668-0091 (604) 632-4045 (FAX) Email:
info@rusoro.com Website: www.rusoro.com
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